But it also has these noteworthy features: While the Greenlight card can be an effective teaching tool, there are a few potential downsides to consider. Plus, it's supposed to be free anyway. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Most cards for kids don’t have an ATM withdrawal fee. I can just add my child to my account and transfer money to the checking account and it won't charge $5 a month for them to have a card. Your child will learn why specific categories have spending limits. I guess we'll see how it goes. I am totally dissatisfied with this card. As of May 2019, the Greenlight card can be used in all countries except for: You can set limits — or greenlights — in a number of ways, including: Yes. However, all subsequent replacement cards will cost $3.50.
If they agree to it, you can go into the app together and set savings goals as well as deposit money into your child’s spend and give accounts. Teach your children good money habits with this comprehensive prepaid card and account. They expressed excitement about receiving the card. Learn how we make money. I don't normally write reviews since I don't have time to do so, but I wasted so much time with Greenlight that I thought I needed to share my experience. Also, you can set the app to send you notifications when your child makes purchases with their Greenlight debit card. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Use this interactive table to see how Greenlight compares to other prepaid cards for kids. You can set up an unlimited number of chores in your child’s Greenlight account. When it’s time to send money to your child’s account, you initiate a transfer that sends money from your connected account to your Greenlight wallet. All Rights Reserved. Debit Card for Kids and Teens that parents manage through an app. While it takes 3 to 5 days to do an ACH transfer, you can skip the wait by connecting a debit card.
All Rights Reserved, How to Maximize Credit Card Rewards on a Big Purchase. Please consult with a licensed financial or tax advisor before making any decisions based on the information you see here.
Well, later when I checked, it went through each time I added it. Payment frequencies include: You set the frequency and amount, and you can tell the app where to send the money (Spend, Save, or Give). I was told it was suspicious that the first transaction, which was taking my grandson to the ATM to withdraw $20 so he could buy a scooter the neighbors were selling at a yard sale, they told me I should have just given him the money. Your child’s Spend, Save, and Give accounts are where they spend/save their money. Purchases they make at non-charitable organizations come from the Spend account. Purchases they make with charitable organizations automatically come from your child’s Give account. © Copyright 2013-2020 HighYa LLC.
The app also comes with a savings account that has parent-paid interest, so you can reward your kid for choosing to save vs. spend. Greenlight wants you to control it the same way you do a lot of other banking these days: on your phone. I'm lucky enough to be in one of Greenlight's existing supported neighborhoods in Pittsford. This service was ok while I used it.
I’m also pretty sure they have sold my information to a 3rd party. The content on this site is for informational and educational purposes only and should not be construed as professional financial advice. For an account I’m paying for a child to use as a prepaid account?
So, instead of hoping that your child picks up good financial habits, you can take control of their learning with one easy-to-use system. I emailed them and told them that I do not want a card with them, requested a refund, and let them know that their site is ambiguous and misleading. The representative I spoke with (there were several), told me they were located in Salt Lake City, New Jersey! Greenlight’s popularity among parents and kids is an excellent indication that it can be a fun, manageable way you can teach your children about how to be smart with their money. Does Greenlight offer any other kids accounts? finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. Meanwhile, my grandson and I are out the money. The Greenlight card has several features I really like that likely would appeal to other parents, too, all managed via the parent version of the Greenlight app. Talk with them about how their spending and saving compares. My experience was negative just because it took soooo much back and forth to get the card activated and then did not recognize my debit card even though I had to verify that very same card in order to activate it. The beauty of Greenlight is that you can unify all the aspects of your child’s financial life—spending, saving, giving, chores, and allowance—in one platform. NO, I am not satisfied with this card. 3. Rather than using the app like a watchdog, pair it with weekly discussions about smart spending and budgeting. Finder.com is an independent comparison platform and information service that aims to provide you with information to help you make better decisions. For example, you can limit the amount your child spends at AMC theaters to $20 a month. This mutual appreciation for the app means Greenlight is meeting the needs of those who download it. The Greenlight card has an EMV chip in it, which helps keep your data safe and secure each time your child makes a purchase. Multiple parents noted that the debit card eliminates the possibility of kids losing money they get from birthdays and holidays. One of the key financial principles your child needs to understand is the concept of income versus spending. Finder is committed to editorial independence. Look over the past few months of their transactions and show them how much they spend, per month, and how much they earn. I thought it sounded simple enough and a great way for kids to have money for the summer. They hide all these while issuing the card. Again, great concept and maybe I was just unlucky. Your child then uses their debit card to spend the money they accumulate in their accounts. Thanks for getting in touch with Finder. We may also receive payment if you click on certain links posted on our site. So I waited and did it again and of course, it said the same thing. Within the app, your child will have three accounts where they can store money: Spend, Save, and Give.
Many of the problems Android users complained about focused on laggy performance, random crashing, and login issues. The primary accountholder needs to meet these requirements: The primary accountholder will give the following information when they sign up: The child’s prepaid debit card can be funded by: The card should arrive five to seven business days after the parent account is verified and approved. We have a zero-tolerance policy for fake reviews, and companies cannot control or alter any reviews at any time. I am reading the complaints from everyone on this site and most of what they are describing can be easily addressed by setting up the profile/settings properly. I have 3 kids (17, 14, 12), all have their own Greenlight card and have been using it without issue for about 2.5 years. Your child can freely move money from their spend-anytime account to savings, but to move money from savings, they’ll have to send you a request.
But it has an unavoidable monthly fee. Set up funding and submit your application for verification.
It’s not the lowest, but it’s pretty average. Should you have further questions, please don’t hesitate to reach us out again. The BusyKid Visa® Prepaid Spend Card gives your kids the freedom to spend anywhere Visa® is accepted, and parents see every transaction made. finder.com is a financial comparison and information service, not a bank or product provider, We cannot provide you with personal advice or recommendations. As a parent, you can set spending controls that are just right for your child, and you’ll get instant notifications each time they spend money. and certain types of businesses (gas, theater, groceries, clothes).
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